基于金融结构视角的中小企业融资研究

发布时间：2018-07-10 02:36

本文选题：中小企业 + 金融结构　；参考：《湖南大学》2012年硕士论文

【摘要】：中小企业是促进经济发展、创造就业岗位和提升创新能力的中流砥柱。然而，中小企业在我国的发展却是“强位弱势”，其融资难问题始终没有得到解决并备受诟病，，这严重制约了我国中小企业的成长，成为我国经济发展的重要瓶颈。目前学者的研究大多专注于中小企业融资难的某一方面，仅仅注意到了中小企业作用的共性方面，并没有结合我国的国情——经济转轨时期特有的制度环境来探寻中小企业融资困境的形成机理，由此提出的政策建议缺乏前瞻性和系统性，在实践中往往不尽如人意。本文结合我国经济转轨时期特有的制度环境，从金融制度层面——金融结构视角来探讨限制中小企业融资的制度因素。理论研究发现，当前金融结构下中小企业融资的现状是：大银行的平均小企业客户数量相对较少；中小银行相对偏爱于中小企业；资本市场解决中小企业融资难问题作用有限。造成这个现象的原因是大银行寡头垄断的金融结构缺乏信息优势，而这种信息不对称导致信贷市场失灵：银行无法低成本衡量贷款项目的有效性；成本收益机制与激励机制不对称。而信贷市场失灵造成信贷配给，表现为中小企业融资困难。根据上述分析，第4章提出五个理论假设，通过构造一个数理模型，证明在银行业高度集中的情况下，由于信息不对称导致信贷市场失灵，金融资源配置低效，从而抑制中小企业融资；并引入中小金融机构，从理论上证明在分散的金融结构下，中小企业融资难问题得到缓解。在此基础上，第5章提出大中型金融机构服务重心下移、大力发展中小型金融机构以及完善中小企业融资征信制度的对策建议。
[Abstract]:Small and medium-sized enterprises are the mainstay of economic development, job creation and innovation. However, the development of small and medium-sized enterprises in China is "strong weak", its financing problem has not been resolved and been criticized, which has seriously restricted the growth of small and medium-sized enterprises in China, and has become an important bottleneck of our economic development. At present, scholars mostly focus on one aspect of the financing difficulties of SMEs, and only pay attention to the common aspects of the role of SMEs. It does not explore the forming mechanism of SMEs' financing predicament by combining the national conditions of our country-the special institutional environment in the period of economic transition. Therefore, the policy recommendations put forward from this lack of foresight and systematicness, and are often not satisfactory in practice. This paper discusses the institutional factors restricting the financing of small and medium-sized enterprises from the perspective of financial system and financial structure in the light of the unique institutional environment in the period of economic transition in China. The theoretical research shows that the current situation of SMEs financing under the current financial structure is: the average number of small business customers in large banks is relatively small; the small and medium-sized banks prefer SMEs; and the capital market has a limited role in solving the financing difficulties of SMEs. This phenomenon is caused by the lack of information superiority in the oligopolistic financial structure of large banks, which leads to the failure of the credit market: banks cannot measure the effectiveness of loan projects at low cost; Cost-benefit mechanism and incentive mechanism are asymmetric. But the credit market failure causes the credit rationing, manifests for the small and medium-sized enterprise financing difficulty. According to the above analysis, chapter 4 puts forward five theoretical hypotheses. By constructing a mathematical model, it is proved that under the circumstance of highly centralized banking, the information asymmetry leads to the failure of the credit market, and the allocation of financial resources is inefficient. In order to restrain the financing of small and medium-sized enterprises, and introduce small and medium-sized financial institutions, it is theoretically proved that under the decentralized financial structure, the financing difficulties of small and medium-sized enterprises have been alleviated. On this basis, the fifth chapter puts forward some countermeasures and suggestions on how to shift the service center of large and medium-sized financial institutions, how to develop small and medium-sized financial institutions and how to improve the financing credit system of small and medium-sized enterprises.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4;F276.3

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